However, new issue markets are slowly opening with a few IPOs and high yield deals being completed over the last few weeks. It makes a commitment to ensure continued health coverage for your employees, which is tied to the employment in this country and given we're facing you can appreciate, but -- and you're a bit hedged because of incentive compensation being a big part, but how is that going to come into play with controlling of expenses, which is obviously a big factor when you're coming into -- likely coming into a recession year and being part of a Investment Bank obviously, expense control becomes big. They've consolidated their assets. Now, maybe it's my job to think that's remarkable. Currently, we've had borrowers call for forbearance of $690 million in mortgage loans or less than 2%. Higher management fees on higher average AUM were more than offset by lower performance fees. Please note the following: The application dates are in agreement with the Association of Child Life Professional guidelines as set by the Education Committee. So, can you remind us how much of your -- how much high cost deposits you still have on the books today? And as you can see on Page 10 of the financial supplement, ISG loans were $76 billion dollars, $64 billion designated as loans held-for-investment and $36 billion held-for-sale or fair value. Long-term net flows were $6.7 billion, driven by capital being deployed within alternatives and inflows into public equity and fixed income funds. So, we're going to see, monitor those to make sure that we feel comfortable deploying this. Stock Advisor launched in February of 2002. During this period of volatility, we also risk-managed well. You just, you can't, you can't predict that. But we had -- those $600 million in losses were net of the hedges we have on those -- on that relationship portfolio. I mean, that's -- we're really in the hands of the government, and I think we're all getting the same information. I know, coming into the second quarter, we'll have less market volume. March proved to be unprecedented. Once you get going its … Official academic transcripts of all educational institutions attended 2 referee reports, signed and sealed (if not sent directly by referee) Proof of payment by credit card form or check/money order of $100 SGD Any other supporting We had reasonable comp accruals for the first quarter. We still have those loans. If the equity markets recover, we're not going to have mortgage prepay, our non-comps are going to be down. At this point, nobody could say that it's probable. So, I don't know if that gives you a complete answer but I'm not really an expert, so. It's a unique year, and so we do want to sort of just give out us some special thanks for your TRUMP: Well, it would seem to be a great concern. But honestly, it would be irresponsible of me to recommit to those targets on this call. I'm totally confident about that. And in the meantime, we will continue to do our part for broader society. Thank you. coming through. And maybe one really quick one at the high level on Wealth Management. Note: This page is continually updated as new transcripts become available. Wall Street moves a little closer to Main Street with Morgan Stanley's acquisition of discount brokerage E*Trade. As a reminder, our stress capital buffer will be calculated off of our standardized approach, which was 15.7%. Morgan Stanley shares a name, or part of a name, with JPMorgan Chase & Co. and it is not a coincidence.The “Morgan” in Morgan Stanley is J.P. Morgan’s grandson. To get started, click on the link below: MSU Official Transcript … Given the circumstances, the objectives we laid out would take longer to achieve. Okay, go ahead. And if it starts, so I'd say the first day people are heading back is June 1, and some around June 1, some June 15, etc. I apologize for that. Employer Referral – If you know someone who works at Morgan Stanley, ask them to refer you for an internship. In March, Morgan Stanley was an underwriter of over $70 billion of corporate and municipal bonds globally. Although, we reprice our assets every month, we'll probably have lower non-comp expenses, I suspect, in the second quarter for variety of reasons. So, and we saw that in that equities number. Investors may trade in the Pre-Market (4:00-9:30 a.m. This environment is anything but normal. The increase in RWAs was driven primarily by increased client trading activity and market volatility, as well as lending. Makes sense. I frequently speak of the strength of Morgan Stanley's culture and our tenured leadership team. As a reminder, performance fees are mostly recognized in the fourth quarter. I'm just trying to find the line. The second half of the year remains uncertain and the path of the economy will be driven by the time it takes to resolve the health crisis and the impact of the unprecedented fiscal and monetary response. Our technology and operations performed quite well. So, listen, what I look at is how do the businesses perform, underlying in this environment, how do we trade through it? through the summer. At Morgan Stanley, we advise, originate, trade, manage and distribute capital for governments, institutions and individuals, and always do so with a standard of excellence. And the personal anxiety and stress to our employees and to their families can be overwhelming. Historical relationships broke down and liquidity dried up. You can tap on any word to look it up instantly. They weren't achieved in the first quarter and it's too early to make the call on what 2021 looks like. Christian Bolu -- Autonomous Research -- Analyst. What I think is, we'll obviously be guided by the CDC in the State and Federal authorities. Steven Wald -- Morgan Stanley -- Analyst Great, thanks for taking my question and good evening. Fixed Income Sales & Trading produced revenues of $2.2 billion, increasing 73% from the prior quarter. So, again, the business is fundamentally quite strong. And by the way, it was unanimous call of our operating committee. Obviously, the gain was larger than the losses. We've benefited in this period from robust business planning and from years of investment in our technology infrastructure. Maybe one quick cleanup. What was our risk exposure and how do we manage that? St. Louis Children’s Hospital Child Life Clinical Internship is designed to complement academic studies and follows the Association of Child Life Professional’s curriculum modules. They come on the night before. James, maybe a question for you. 20% of that is in hotels and retail. Many employers check references as part of the hiring process. Asset management fees were up 8% versus 1Q19. You can see, I think, on Page 11 of the supplement, Christian, the various balances in the banks. And Evelyn Kong, Evelyn is Valerie's colleague and friend. We will be equally thoughtful as we think about a path toward returning to work, whenever that is deemed safe by health officials and our local governments. How are you guys doing? Rev › Blog › Transcripts › Financial Transcripts › Morgan Stanley MS Q3 FY20 Earnings Call Transcript Full transcript of Morgan Stanley (symbol MS) Q3 FY20 earnings call on October 15, 2020. Independent contractor working as a TV producer for Morgan Stanley. Welcome to the 2020 Morgan Stanley TNT Conference. The transcript from this week’s, MiB: Mandell Crawley, Morgan Stanley, ... And so the culture of Morgan Stanley, as bizarre as it may sound, somebody going from fixed income to … The Federal Reserve and other central banks are taking steps to support the economy and we wanted to do our part. I will now turn the call over to Jon, to discuss the results of the first quarter in greater detail, our perspectives on the outlook given the current environment, and then take it back where we'll both answer your questions. It's a personal one but it's a very important one. There are clearly a lot of people who have had the virus, who are now apparently not infectious, including myself. In March, 40% of the Euro Stoxx announced dividend cuts or suspensions in 2020. We did that because we wanted to be sure that we can get through this year safely and soundly and keep the organization intact as we get better visibility on the rest of the year. The business benefited from higher levels of client activity and wider bid offer spreads. Michael Carrier -- BofA Securities -- Analyst. Our tax rate was 18.5% for the quarter, excluding $31 million of intermittent net discrete tax benefits. But admittedly, the message is a bit more cautious than maybe what you conveyed in your March shareholder letter. Hopefully they have been helpful to those who haven't had a chance to ask a question. Total client assets of $2.4 trillion declined 11% sequentially, largely end market depreciation. And a good chunk of the B in some of what we, the new stuff we put out, were actually secured and well collateralized. 1:2012cv07667 - Document 230 (S.D.N.Y. The quarter was divided into distinct periods. The result serve as a testament to the stability of the business mix and the balance we worked diligently to achieve over the last decade. About 45% of that was investment grade, 1/3 of it was BB. Shorter term, the decline in asset prices, zero interest rates and a potential slowdown in activity levels will have an impact. Our research team generated almost 1.5 million interactions through written pieces, webcast and conference calls related to COVID-19. Please refer to our notices regarding forward-looking statements and non-GAAP measures that appear in earnings release. Answer By: Jim McNerney - Boeing Company - Chairman, President and CEO And I was hoping you could speak to what macro and market assumptions are informing your more cautious outlook? Today, clients sold approximately 20% of assets in cash and short-term securities. So another question and my follow-up; you committed, James, that there's not going to be any risk this year, which you can appreciate the idea that this would reassure your employees in an extremely challenging time. It was mark-to-market. These teams are doing an unbelievable job in this environment. So, let me just give you just some facts. It's a personal one but it's a very important one. I think it should be government-led. First quarter PBT was $2.1 billion and EPS was $1.01, resulting in an ROTCE of 9.7%. So, we're -- it's slightly different piece than some of the other folks. Despite these extremely challenging times, our business has held up remarkably well. Non-compensation expenses increased 14%, driven by higher BC&E and transaction taxes on elevated sales and trading volumes and an ACL on unfunded commitments of $115 million. We entered the second quarter with lower spot balances down close to 30%, and a more challenged environment in Europe. If you see an Let's conquer your financial goals together...faster. Morgan Stanley at Work We provide comprehensive … It consists of 3 sections: 1. All of our employees and I are working hard to do our best to support our clients and communities. As we get through the year, do I think that that's going to hold up? Sure. But it clearly puts us in a much better position. But if we do see a U-shaped recovery beginning in 2021, is there a path to delivering on some of the targets that you outlined at the start of the year? Over a two-year period, yes, the targets were by the end of 2021. Your line is now open. Thank you for joining us. We moved swiftly to a work from home strategy. The ISG loan book is approximately $169 billion. Despite these short-term challenges, our franchise is strong, our strategy clear and consistent. A Little History on Deborah, Owner of A Scribe Transcripts Professional Transcriptionist. Obviously, there'll be different calibre in terms of the ratings across those $10 billion or $11 billion. Performance was strong within credit corporates, which saw good velocity. So, how do you adjust to those things and what levers are you thinking to pull on the expense side here as the revenue -- if the revenue environment continues to get difficult? But there are several factors that will impact our earnings power in the near term, including lower asset values and balances, interest rates near zero, as well as volatility and economic uncertainty impacting Capital Markets and M&A volumes. The mortgage portfolio had 90 day plus, delinquencies declined slightly to 21 basis points. And if you look at the totality of the money, the $2.4 trillion, the equity allocation has gone from 55 down to 50 and most of that's gone, the 3 to 4 points has gone into this cash and short-term securities. I think it's our side. So, thank you for asking the question. 484 Northwestern Mutual Intern interview questions and 449 interview reviews. But we think the qualitative adjustments that we made are appropriate and brought our reserves to an appropriate level. We had extensive engagement with our global clients throughout the quarter and the business continued to see strong net flows despite the challenging environment. Morgan Stanley bank was founded in 1935 when Henry Morgan and Harold Stanley … So, the economic scenarios are going to impact people differently across the plant. We saw meaningful markdowns and reversals of carried interest in our real estate infrastructure and PE funds, offset by a significant gain and an underlying investment subject to sales restrictions within our Asia private equity fund. And again, glad you're back with us. Those are evolving pretty rapidly in terms of which sectors are being hit. Fiscal stimulus measures and support for small businesses and individuals have been put into place. ETrade, … That maybe leads into Part B. But I think separate companies, all deciding what to do on their own is a bad idea. The pre-tax profit margin was 26.1%. In the quarter, we added over 100 new clients to the platform for stock plan and financial wellness services, bringing the total new clients since we announced the acquisition to over 455. We have lower interest rates; we have lower asset prices at the moment. After, many weeks of asking … Total non-interest expenses were $7.3 billion for the quarter. And we did see a surge in deposits in March, almost $30 billion in the month of March alone and the balances are up $45 billion for the quarter. On the deposits, you had a pretty big surge in deposits. She came home, they're both crying. Morgan email) for password reset, send an email to and include a new email address, last 4 of SSN, and a valid photo ID. This was a great tough test and it survived comfortably. Our global active concentrated equity strategies continue to outperform their benchmarks. So, what are you telling the CEOs that you advice? They run a ton of money about $130 billion and their track record, especially this year, has been pretty banoodles. I mean, given you are putting up 10% ROTCE in what is a very choppy backdrop, how should investors now think about the downside case for the firm is a 10% or close to 10% ROTCE now your bottom line as opposed to a couple of years ago what was your actual long-term target? I interviewed at Morgan Stanley (Hong Kong) Interview Hireview interview, 5 questions, 30 secs prep, 2 mins answer, 2 chances for each question in case you don’t like your first one (allows you … I mean, what are you advising your clients to do? It's about 58% LTVs to the top tier borrowers in the real estate business and we have good protection in the asset. James, glad to see you on the call and good to hear that you're on the mend.